Cipher Pharmaceuticals Schedules Q2 2025 Earnings Release and Conference Call
CONFERENCE CALL DETAILS
About Cipher Pharmaceuticals Inc.
Cipher Pharmaceuticals (TSX: CPH) (OTCQX: CPHRF) is a specialty pharmaceutical company with a robust and diversified portfolio of commercial and early to late-stage products, mainly in dermatology. Cipher acquires products that fulfill unmet medical needs, manages the required clinical development and regulatory approval process, and currently markets those products in Canada, the U.S., and South America. For more information, visit www.cipherpharma.com.
SOURCE Cipher Pharmaceuticals Inc.
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Yangarra Announces 2025 Second Quarter Financial & Operating Results and Increased Banking Facility
CALGARY, AB, July 30, 2025 /CNW/ - Yangarra Resources Ltd. (" Yangarra" or the " Company") (TSX: YGR) announces its financial and operating results for the three and six months ended June 30, 2025. Second Quarter Highlights Funds flow from operations of $15.5 million ($0.14 per share – fully diluted), a decrease of 28% from the same period in 2024 Oil and gas sales of $29.5 million, a decrease of 17% from the same period in 2024 Adjusted EBITDA of $16.5 million ($0.15 per share – fully diluted), a decrease of 26% from the same period in 2024 Net income of $6.8 million ($0.06 per share – fully diluted), a decrease of 28% from the same period in 2024 Average production of 10,560 boe/d (42% liquids), a 7% decrease from the same period in 2024 Operating costs of $8.87/boe (including $3.49/boe of transportation costs) Operating netback of $19.54/boe Operating margin of 64% and funds flow from operations margin of 53% G&A costs of $1.26/boe Royalties at 7% of oil and gas revenue All in cash costs of $14.60/boe Capital expenditures of $15.0 million Adjusted net debt to second quarter annualized funds flow from operations of 1.62: 1 Adjusted net debt was $100.7 million Retained earnings of $350.1 million Decommissioning liabilities of $17.1 million (discounted) Operations Update The four wells drilled in the first quarter were completed in April and were put on production in early May. Yangarra elected to not drill any new wells in the second quarter due to weak AECO pricing and volatile WTI pricing. The drill program is expected to recommence in early August. Q3 production will be negatively affected by a turn-around at a third-party facility. As a result, guidance is reduced to an annual average of 10,300 – 10,800 boe/d for 2025. The drill program in the second half of 2025 may include drilling up to 10 wells but will be dependent on commodity pricing and maintaining the $60 million capital budget. The strategic connection of south Chambers to north Chambers was completed by the Yangarra OFS group in the quarter via a 6.7 km pipeline tying in the farm-in lands in south Chambers to Yangarra's facility at 3-11-40-10W5, including a bore under the North Saskatchewan River. Banking update The Company completed its semi-annual banking review, and the syndicated senior credit facility was increased from $130 million to $140 million. The updated syndicate now consists of ATB Financial and ICBC Standard Bank, reflecting the exit of CIBC from the syndicate. The Company's senior credit facility's term out and maturity dates were each extended by one year to May 29, 2026, and May 29, 2027, respectively. The hedging requirement period has been extended from December 2025 to June 2026. All other terms and covenants remain the same. The Company's next banking review is scheduled for November 30, 2025. Financial Summary 2025 2024 Six Months Ended Q2 Q1 Q2 2025 2024 Statements of Income and Comprehensive Income Petroleum & natural gas sales $ 29,507 $ 34,147 $ 35,718 $ 63,654 $ 76,143 Income before tax $ 9,106 $ 7,317 $ 12,514 $ 16,423 $ 24,606 Net income $ 6,773 $ 5,388 $ 9,350 $ 12,161 $ 18,380 Net income per share - basic $ 0.07 $ 0.05 $ 0.09 $ 0.12 $ 0.19 Net income per share - diluted $ 0.06 $ 0.05 $ 0.09 $ 0.11 $ 0.18 Statements of Cash Flow Funds flow from operations $ 15,499 $ 20,002 $ 21,411 $ 35,501 $ 45,671 Funds flow from operations per share - basic $ 0.15 $ 0.20 $ 0.22 $ 0.35 $ 0.47 Funds flow from operations per share - diluted $ 0.14 $ 0.18 $ 0.20 $ 0.32 $ 0.44 Cash flow from operating activities $ 13,907 $ 19,713 $ 19,315 $ 33,620 $ 41,439 Weighted average number of shares - basic 101,193 100,641 98,734 100,918 97,452 Weighted average number of shares - diluted 109,605 109,386 105,269 109,363 103,993 Company Netbacks ($/boe) 2025 2024 Six Months Ended Q2 Q1 Q2 2025 2024 Sales price $ 30.71 $ 36.73 $ 34.53 $ 33.67 $ 37.11 Royalty expense (2.07) (2.29) (1.90) (2.17) (2.24) Production costs (5.37) (5.15) (6.65) (5.26) (6.45) Transportation costs (3.49) (3.21) (1.89) (3.35) (1.80) Field operating netback 19.78 26.08 24.09 22.89 26.62 Realized gain (loss) on commodity contract settlement (0.23) (0.72) (0.31) (0.47) (0.48) Operating netback 19.55 25.37 23.78 22.41 26.14 G&A (1.26) (1.32) (1.22) (1.29) (1.54) Cash finance expenses (2.17) (2.56) (1.86) (2.37) (2.60) Depletion and depreciation (10.02) (10.07) (8.58) (10.04) (9.05) Non Cash - finance expenses (0.35) (0.39) (0.47) (0.36) (0.32) Stock-based compensation (1.06) (1.09) (0.82) (1.07) (0.83) Unrealized gain (loss) on financial instruments 4.80 (2.07) 1.26 1.42 0.19 Deferred income tax (2.43) (2.07) (3.06) (2.25) (3.03) Net income netback $ 7.06 $ 5.80 $ 9.03 $ 6.44 $ 8.96 Business Environment 2025 2024 Six Months Ended Q2 Q1 Q2 2025 2024 Realized Pricing (Including realized commodity contracts) Light Crude Oil ($/bbl) $ 84.76 $ 94.11 $ 101.65 $ 89.40 $ 97.54 NGL ($/bbl) $ 37.29 $ 46.70 $ 41.82 $ 41.88 $ 45.05 Natural Gas ($/mcf) $ 1.77 $ 2.28 $ 1.23 $ 2.02 $ 1.85 Realized Pricing (Excluding commodity contracts) Light Crude Oil ($/bbl) $ 84.76 $ 95.92 $ 103.46 $ 90.29 $ 99.34 NGL ($/bbl) $ 37.42 $ 48.28 $ 41.82 $ 42.71 $ 45.05 Natural Gas ($/mcf) $ 1.83 $ 2.29 $ 1.21 $ 2.05 $ 1.88 Oil Price Benchmarks West Texas Intermediate ("WTI") (US$/bbl) $ 64.63 $ 71.84 $ 81.71 $ 68.23 $ 79.64 Edmonton Par ($/bbl) $ 83.32 $ 95.01 $ 101.44 $ 89.16 $ 96.23 Edmonton Par to WTI differential (US$/bbl) $ (4.43) $ (4.94) $ (7.58) $ (4.64) $ (8.81) Natural Gas Price Benchmarks AECO gas ($/mcf) $ 1.60 $ 2.05 $ 1.12 $ 1.83 $ 1.74 Foreign Exchange Canadian Dollar/U.S. Exchange 0.72 0.70 0.73 0.71 0.74 Operations Summary Net petroleum and natural gas production, pricing and revenue are summarized below: Adjusted Net Debt The following table summarizes the change in adjusted net debt during the six months ended June 30, 2025, and year December 31, 2024: Capital Spending Capital spending is summarized as follows: Quarter End Disclosure The Company's June 30, 2025 unaudited condensed interim consolidated financial statements and management's discussion and analysis will be filed on SEDAR+ ( and are available on the Company's website ( Oil and Gas Advisories Natural gas has been converted to a barrel of oil equivalent (Boe) using 6,000 cubic feet (6 Mcf) of natural gas equal to one barrel of oil (6:1), unless otherwise stated. The Boe conversion ratio of 6 Mcf to 1 Bbl is based on an energy equivalency conversion method and does not represent a value equivalency; therefore Boe's may be misleading if used in isolation. Figures that are presented on a boe basis herein are calculated as the total aggregate amount for the period divided by boe production volumes for the period. References to natural gas liquids ("NGLs") in this news release include condensate, propane, butane and ethane and one barrel of NGLs is considered to be equivalent to one barrel of crude oil equivalent (Boe). One ("BCF") equals one billion cubic feet of natural gas. One ("Mmcf") equals one million cubic feet of natural gas. This press release contains metrics commonly used in the oil and natural gas industry which have been prepared by management, such as "operating netback" and "operating margins". These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies and, therefore, should not be used to make such comparisons. For additional information regarding netbacks and operating margins, see "Non-GAAP Financial Measures". Management uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare Yangarra's operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from metrics presented in this press release, should not be relied upon for investment or other purposes. Non-GAAP Financial Measures This press release contains various specified financial measures that are non-GAAP financial measures and do not have standardized meanings as prescribed by International Financial Reporting Standards (" IFRS"). These reported amounts and their underlying calculations are not necessarily comparable or calculated in an identical manner to a similarly titled measure of other issuers where similar terminology is used. Readers are cautioned that such financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measure with respect to as evaluating the Company's performance. These measures have been described and presented in this press release in order to provide shareholders and potential investors with additional information regarding the Company's liquidity and its ability to generate funds to finance its operations and should not be considered in isolation. Funds flow from operations Funds flow from operations ("FFO") should not be considered an alternative to, or more meaningful than, cash provided by operating, investing and financing activities or net income as determined in accordance with IFRS, as an indicator of Yangarra's performance or liquidity. Management uses FFO to analyze operating performance and leverage and considers FFO to be a key measure as it demonstrates the Company's ability to generate cash flow necessary to fund future capital investments and to repay debt, if applicable. FFO is calculated using cash flow from operating activities before changes in non-cash working capital and decommissioning costs incurred. The following table reconciles FFO to cash flow from operating activities, which is the most directly comparable measure calculated in accordance with IFRS: Yangarra presents FFO per share whereby per share amounts are calculated using weighted average shares outstanding consistent with the calculation of net income per share. Funds from operations netback is calculated on a per boe basis. Adjusted EBITDA Yangarra defines adjusted EBITDA as earnings before interest, taxes, depletion and depreciation, which represents EBITDA, excluding changes in the fair value of commodity contracts. Management believes that adjusted EBITDA is a useful measure, which provides an indication of the results generated by the Yangarra's primary business activities prior to consideration of how those activities are financed, amortized or taxed. The most directly comparable IFRS financial measure to adjusted EBITDA is net income (loss). The following table provides a reconciliation of adjusted EBITDA to net income (loss). Adjusted Net Debt Yangarra defines adjusted net debt as the sum of our existing credit facilities, trade and other payables, and trade receivables and prepaids. Yangarra uses adjusted net debt to assess efficiency, liquidity and the general financial strength of the Company. The most directly comparable IFRS financial measure to adjusted net debt is bank debt. The following table provides a calculation of adjusted net debt. Adjusted net debt to second quarter annualized FFO Adjusted net debt to second quarter annualized FFO is a non-GAAP financial ratio calculated as adjusted net debt divided by third quarter annualized FFO. Netbacks The Company considers corporate netbacks to be a key measure that demonstrates Yangarra's profitability relative to current commodity prices. Corporate netbacks are comprised of operating, field operating, FFO and net income (loss) netbacks. Yangarra calculates field operating netback as the average sales price of its commodities (including realized gains (losses) on financial instruments) less royalties, operating costs and transportation expenses. Operating netback starts with field operating netback and subtracts realized gains (losses) on financial instruments. FFO netback starts with the Operating netback and further deducts general and administrative costs, finance expense and adds finance income. To calculate the net income (loss) netback, Yangarra takes the operating netback and deducts share-based compensation expense as well as depletion and depreciation charges, accretion expense, unrealized gains (losses) on financial instruments, any impairment or exploration and evaluation expense and deferred income taxes. FFO margins and operating margins FFO margins and operating margins are calculated as the ratio of FFO netbacks to sales price and operating netback to sales price, respectively. Please refer to the management discussion and analysis for the three and six months ended June 30, 2025, for further discussion on the Non-GAAP financial measures presented in this press release. Forward Looking Information This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future operations, management focus, strategies, financial, operating and production results and business opportunities. Forward-looking information typically uses words such as "anticipate", "believe", "continue", "sustain", "project", "expect", "forecast", "budget", "goal", "guidance", "plan", "objective", "strategy", "target", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, including, but not limited to, statements on potential completion techniques being considered. Statements relating to "reserves" are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. The forward-looking information is based on certain key expectations and assumptions made by our management, including expectations and assumptions concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; future production rates and estimates of operating costs; performance of existing and future wells; reserve volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; benefits to shareholders of our programs and initiatives, the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; ability to efficiently integrate assets and employees acquired through acquisitions, ability to market oil and natural gas successfully and our ability to access capital. Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Yangarra can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on our future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect our operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR+ website ( These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to publicly update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. All reference to $ (funds) are in Canadian dollars. Neither the TSX nor its Regulation Service Provider (as that term is defined in the Policies of the TSX) accepts responsibility for the adequacy and accuracy of this release. SOURCE Yangarra Resources Ltd.
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BTQ Technologies Notice of Annual Meeting and Management Information Circular
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MTL Cannabis Corp. Closes $27 Million Credit Facility with Canadian Schedule 1 Bank
Provides access to new capital for operational flexibility and growth through capital expenditures Refinances approximately $19 million of current debts, consolidating and strengthening the Company's balance sheet Postponing and subordinating approximately $8 million in shareholder loans from the Company's founders, further bolstering liquidity PICKERING, ON, July 30, 2025 /CNW/ - MTL Cannabis Corp. (CSE: MTLC) (OTCQX: MTLNF) (the "Company") is pleased to announce that it has closed a credit agreement (the "Credit Facility") with a leading Canadian Schedule 1 bank for an aggregate of approximately $27 million. The purposes of the Credit Facility are to (i) assist with growth capital expenditures, (ii) finance working capital needs for the Company, and (iii) refinance pre-existing debts (the "Existing Debts"). The Credit Facility is comprised of (i) an uncommitted demand revolving credit facility of up to $4,000,000, margined against the eligible account receivables of the company (ii) a committed non-revolving term credit facility available by way of a single drawdown in an amount equal to $6,750,000, with a contractual term of three (3) years, (iii) a committed non-revolving term credit facility available by way of a single drawdown in an amount equal to $12,150,000, with a contractual term of three (3) years, and (iv) an uncommitted delayed draw non-revolving term credit facility available by way of one or more drawdowns in a total aggregate amount of $4,120,000. The Credit Facility will bear an interest rate of Prime or adjusted term CORRA plus an applicable margin. The Credit Facility is secured against (i) all of the present and after-acquired undertakings, property and assets of the Company and its material operating subsidiaries, and (ii) the property located at 551 Rue Saint-Marc, Louiseville, QC, by a first-ranking collateral mortgage. "We are incredibly excited to partner with the team to finance the continued growth of the business and strengthen our balance sheet," said Michael Perron, CEO of the Company. "We fully appreciate the confidence that the bank has in our management team and the business we have built, and we look forward towards repaying that trust with continued performance as we grow together in the coming years." The Existing Debts being refinanced under the Credit Facility were derived solely from the predecessor business of Canada House Cannabis Corp. and incurred prior to the completion of the business combination of Canada House Cannabis Corp. and Montréal Cannabis Médical Inc., and include the entirety of the $8,316,830.21 in amounts payable pursuant to the convertible debenture issued on August 4, 2020, as amended, to Archerwill Investments Inc., and delivery of all remaining related 14,466,568 prepayment warrants with an exercise price $0.5749; $10,041,094.94 in amounts payable pursuant to the historical acquisition of IsoCanMed Inc. that closed June 12, 2020; and approximately $575,000 in amounts payable pursuant to the secured debentures issued on December 5, 2017. "We view the refinancing of the legacy Canada House creditors as the final chapter in the closing of the business combination between Canada House and MTL Cannabis," added Richard Clement, Chairman and co-founder of MTL Cannabis Corp. "We are extremely proud of managements' financial stewardship of the combined company and the turnaround of our financial position that this milestone symbolizes." About MTL Cannabis Corp. MTL Cannabis Corp. is the parent company of Montréal Medical Cannabis Inc. ("MTL Cannabis"), a licensed producer operating from a 57,000 sq ft licensed indoor grow facility in Pointe Claire, Québec; Abba Medix Corp., a licensed producer in Pickering, Ontario that operates a leading medical cannabis marketplace; IsoCanMed Inc., a licensed producer in Louiseville, Québec growing best-in-class indoor cannabis, in its 64,000 sq. ft. production facility; and Canada House Clinics Inc., operating clinics across Canada that work directly with primary care teams to provide specialized cannabinoid therapy services to patients suffering from simple and complex medical conditions. As a flower-first company built for the modern street, MTL Cannabis uses proprietary hydroponic growing methodologies supported by handcrafted techniques to produce products that are truly craft for the masses. MTL Cannabis focuses on craft quality cannabis products, including lines of dried flower, pre-rolls and hash marketed under the "MTL Cannabis", "Low Key by MTL" and "R'belle" brands for the Canadian market through nine distribution arrangements with various provincial cannabis distributors. MTL Cannabis has also developed several export channels for bulk and unbranded GACP quality cannabis. It is the Company's goal for Abba Medix Corp. to become the leading distributor of medical cannabis in Canada and for Canada House Clinics Inc. to be the leading Canadian provider of medical cannabis clinic services. For further information, please visit or the Company's public filings at Cautionary Statement Regarding Forward-Looking Information. This press release contains forward- looking statements, including statements that relate to, among other things, drawdowns and use of proceeds from the Credit Facility, including the repayment of the Existing Debts, the Company's clinic, production and technology businesses, its future plans, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "possible", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Material assumptions used to develop forward-looking information in this news release include, the regulations related to cannabis use under the Cannabis Act (Canada); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities and repay its outstanding indebtedness; level of competition; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; the ability to execute strategic plans; continued integration of business unit, expansion activities at all our operating locations; and the leveraging of cash flow from operations to accelerate growth and further improve the Company's balance sheet. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's Listing Statement dated August 14, 2023 and its most recent annual and interim Management's Discussion and Analysis under "Risk and Uncertainties" as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
